The Securities and Exchange Board of India (SEBI) on March 24 imposed a Rs 5 lakh fine on Axis Bank for violating merchant banking norms, the regulator said in an order.
“…the material available on record and the factors mentioned in the preceding paragraphs, I, in exercise of the powers conferred
upon me under Section 15-I of the SEBI Act…hereby
impose a penalty of Rs. 5,00,000/–(Rupees Five Lakh only) on the Noticee viz. Axis Bank Limited – Merchant Banker, under the provisions of section 15A(a) of the SEBI Act for its violation of provisions of regulation 27 of the MB Regulations. I am of the view that the said penalty is commensurate with the default committed by the Noticee,” the SEBI order read.
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